Oppenheimer analyst Brian Nagel notes that Tractor Supply's Q3 results were consistent with the company's prior negative pre-announcement. The analyst sees the recent pullback in the shares as a "significant" intermediate-term buying opportunity for investors. Nagel believes the combination of washed-out near-term sentiment and his view that recent sales woes are more cyclical than structural implies that while Tractor Supply could languish a bit longer, the next major move for the stock is apt to prove to the upside. He reiterates an Outperform rating and $80 price target on the shares.

Benchmark raised the firm's price target on Tractor Supply to $280 from $256 and keeps a Buy rating on the shares after Q1 results came in above the firm's estimates as sales and margins were above plan. The firm, which notes its 2024 EPS estimate is raised to $10.36, continues to recommend purchase of Tractor Supply shares.

UBS raised the firm's price target on Tractor Supply to $272 from $240 and keeps a Neutral rating on the shares. Tractor Supply continues to put up steady results in an environment that seems to be losing steam by the day, the analyst tells investors in a research note. The company is seeing strength in its seasonal categories, but the rising service share of PCE continues to be a headwind, and while the company has demonstrated that it can effectively operate in a range of backdrops, UBS thinks the near-term upside potential is already priced in.

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